What changed in this filing

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Item 1. Financial Statements

2022-10-20 compared with 2022-07-21 · 122 added, 98 removed, 542 unchanged (29% of the section changed)

2 unchanged sentences

Three Months Ended

September 30,

(In millions, except per share amounts)

22 unchanged sentences

CONSOLIDATED STATEMENTS OF INCOME

Six Months Ended June 30,

Nine Months Ended September 30,

(In millions, except per share amounts)

21 unchanged sentences

See Notes to Consolidated Financial Statements.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

Three Months Ended June 30,

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

Three Months Ended September 30,

Shareholders Noncontrolling

7 unchanged sentences

Change in unrecognized prior service cost related to our pension and other postretirement benefit plans, net ( 0.7 ) — ( 0.7 ) 1.2 — 1.2

Comprehensive income $ 3.9 $ 0.9 $ 4.8 $ 219.6 $ 0.4 $ 220.0

Six Months Ended June 30,

Comprehensive (loss) income $ ( 16.1 ) $ 0.7 $ ( 15.4 ) $ 106.5 $ — $ 106.5

Nine Months Ended September 30,

Shareholders Noncontrolling

10 unchanged sentences

CONSOLIDATED BALANCE SHEETS

(In millions, except par values) June 30, 2022 December 31, 2021

(In millions, except par values) September 30, 2022 December 31, 2021

Current assets:

Cash and cash equivalents $ 241.7 $ 224.7

Trade accounts receivable, net of allowance for doubtful accounts of $ 15.6 and $ 13.9 at June 30, 2022 and December 31, 2021, respectively

Trade accounts receivable, net of allowance for doubtful accounts of $ 15.5 and $ 13.9 at September 30, 2022 and December 31, 2021, respectively

Prepaid expenses 141.2 108.4

34 unchanged sentences

Authorized shares - 300.0 ;

Issued shares - 189.3 at June 30, 2022 and December 31, 2021;

Outstanding shares - 122.4 and 122.1 at June 30, 2022 and December 31, 2021, respectively

Issued shares - 189.3 at September 30, 2022 and December 31, 2021;

Outstanding shares - 122.4 and 122.1 at September 30, 2022 and December 31, 2021, respectively

Paid-in capital 1,580.1 1,536.7

1 unchanged sentence

Accumulated other comprehensive loss ( 596.2 ) ( 295.4 )

Treasury stock, at cost, 66.3 shares and 66.6 shares at June 30, 2022 and December 31, 2021, respectively

Treasury stock, at cost, 66.3 shares and 66.6 shares at September 30, 2022 and December 31, 2021, respectively

( 2,651.4 ) ( 2,639.2 )

Stock held by employee benefit trusts, at cost, 0.6 shares at June 30, 2022 and December 31, 2021

Stock held by employee benefit trusts, at cost, 0.6 shares at September 30, 2022 and December 31, 2021

( 5.9 ) ( 5.9 )

5 unchanged sentences

CONSOLIDATED STATEMENTS OF CASH FLOWS

Six Months Ended June 30,

Nine Months Ended September 30,

(In millions)

5 unchanged sentences

Deferred income taxes 47.9 12.6

(Gain) loss on fair market value adjustment and gain on sale of equity investments ( 2.4 ) 17.5

(Gain) loss on fair market value adjustment and gain on sale of equity investment ( 20.2 ) 0.1

Gain on divestiture — ( 0.2 )

7 unchanged sentences

Acquisitions, net of cash acquired ( 437.5 ) ( 1,108.9 )

Cash received from divestiture 98.1 1.5

Cash received from divestitures 98.8 1.5

Cash used in investing activities ( 807.1 ) ( 1,440.3 )

Financing activities:

Net short-term borrowings 386.7 ( 0.6 )

Net short-term (repayments) borrowings ( 162.1 ) 499.2

Payments on long-term debt — ( 1,100.2 )

Borrowings on long-term debt 749.3 1,697.3

Treasury stock purchases — ( 69.9 )

4 unchanged sentences

Purchase of noncontrolling interests — ( 11.2 )

Cash provided by (used in) financing activities 265.0 ( 680.3 )

Debt issuance costs ( 5.4 ) ( 13.2 )

Cash provided by financing activities 416.5 842.4

Effect of foreign currency exchange rates on cash and cash equivalents ( 24.1 ) ( 10.7 )

4 unchanged sentences

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

For the Three Months Ended June 30, 2022

For the Three Months Ended September 30, 2022

Equifax Shareholders

7 unchanged sentences

(In millions, except per share amounts)

Balance, March 31, 2022 122.3 $ 236.6 $ 1,548.8 $ 4,925.5 $ ( 217.7 ) $ ( 2,653.2 ) $ ( 5.9 ) $ 17.0 $ 3,851.1

Balance, June 30, 2022 122.4 $ 236.6 $ 1,563.2 $ 5,078.1 $ ( 414.4 ) $ ( 2,652.6 ) $ ( 5.9 ) $ 16.0 $ 3,821.0

Net income — — — 165.7 — — — 1.2 166.9

Other comprehensive income (loss) — — — — ( 196.7 ) — — 0.1 ( 196.6 )

Other comprehensive loss — — — — ( 181.8 ) — — ( 0.5 ) ( 182.3 )

Shares issued under stock and benefit plans, net of minimum tax withholdings — — 3.0 — — 1.2 — — 4.2

4 unchanged sentences

Dividends paid to noncontrolling interests — — — — — — — ( 0.1 ) ( 0.1 )

Balance, June 30, 2022 122.4 $ 236.6 $ 1,563.2 $ 5,078.1 $ ( 414.4 ) $ ( 2,652.6 ) $ ( 5.9 ) $ 16.0 $ 3,821.0

For the Three Months Ended June 30, 2021

Balance, September 30, 2022 122.4 $ 236.6 $ 1,580.1 $ 5,195.8 $ ( 596.2 ) $ ( 2,651.4 ) $ ( 5.9 ) $ 16.6 $ 3,775.6

For the Three Months Ended September 30, 2021

Equifax Shareholders

7 unchanged sentences

(In millions, except per share amounts)

Balance, March 31, 2021 121.7 $ 236.6 $ 1,489.5 $ 4,342.0 $ ( 161.3 ) $ ( 2,582.9 ) $ ( 5.9 ) $ 39.0 $ 3,357.0

Balance, June 30, 2021 121.8 $ 236.6 $ 1,506.8 $ 4,505.7 $ ( 156.8 ) $ ( 2,625.9 ) $ ( 5.9 ) $ 38.1 $ 3,498.6

Net income — — — 205.4 — — — 1.2 206.6

Other comprehensive income — — — — 4.5 — — ( 0.4 ) 4.1

Other comprehensive loss — — — — ( 98.9 ) — — ( 1.2 ) ( 100.1 )

Shares issued under stock and benefit plans, net of minimum tax withholdings 0.2 — ( 0.3 ) — — ( 4.9 ) — — ( 5.2 )

Treasury stock purchased under share repurchase program ( 0.2 ) — — — — ( 35.9 ) — — ( 35.9 )

Cash dividends ($ 0.39 per share)

2 unchanged sentences

Stock-based compensation expense — — 10.9 — — — — — 10.9

Purchases of redeemable noncontrolling interests — — — — — — — ( 7.6 ) ( 7.6 )

Redeemable noncontrolling interest adjustment — — — 14.0 — — — ( 14.0 ) —

1 unchanged sentence

Other — — — 0.1 — — — 0.1 0.2

Balance, June 30, 2021 121.8 $ 236.6 $ 1,506.8 $ 4,505.7 $ ( 156.8 ) $ ( 2,625.9 ) $ ( 5.9 ) $ 38.1 $ 3,498.6

Balance, September 30, 2021 122.0 $ 236.6 $ 1,517.6 $ 4,677.4 $ ( 255.7 ) $ ( 2,630.8 ) $ ( 5.9 ) $ 15.9 $ 3,555.1

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY AND ACCUMULATED OTHER COMPREHENSIVE LOSS

For the Six Months Ended June 30, 2022

For the Nine Months Ended September 30, 2022

Equifax Shareholders

16 unchanged sentences

Dividends paid to noncontrolling interests — — — — — — — ( 2.5 ) ( 2.5 )

Balance, June 30, 2022 122.4 $ 236.6 $ 1,563.2 $ 5,078.1 $ ( 414.4 ) $ ( 2,652.6 ) $ ( 5.9 ) $ 16.0 $ 3,821.0

* At June 30, 2022, $ 520.2 million was available for future purchases of common stock under our share repurchase authorization.

For the Six Months Ended June 30, 2021

Balance, September 30, 2022 122.4 $ 236.6 $ 1,580.1 $ 5,195.8 $ ( 596.2 ) $ ( 2,651.4 ) $ ( 5.9 ) $ 16.6 $ 3,775.6

* At September 30, 2022, $ 520.2 million was available for future purchases of common stock under our share repurchase authorization.

For the Nine Months Ended September 30, 2021

Equifax Shareholders

9 unchanged sentences

Net income — — — 622.1 — — — 3.4 625.5

Other comprehensive income — — — — 14.6 — — 0.5 15.1

Other comprehensive loss — — — — ( 84.3 ) — — ( 0.7 ) ( 85.0 )

Shares issued under stock and benefit plans, net of minimum tax withholdings 0.6 — 3.4 — — ( 13.9 ) — — ( 10.5 )

4 unchanged sentences

Stock-based compensation expense — — 44.8 — — — — — 44.8

Purchases of redeemable noncontrolling interests — — — — — — — ( 7.6 ) ( 7.6 )

Redeemable noncontrolling interest adjustment — — — 13.2 — — — ( 13.2 ) —

2 unchanged sentences

Other — — ( 0.2 ) — — — — 0.4 0.2

Balance, June 30, 2021 121.8 $ 236.6 $ 1,506.8 $ 4,505.7 $ ( 156.8 ) $ ( 2,625.9 ) $ ( 5.9 ) $ 38.1 $ 3,498.6

Balance, September 30, 2021 122.0 $ 236.6 $ 1,517.6 $ 4,677.4 $ ( 255.7 ) $ ( 2,630.8 ) $ ( 5.9 ) $ 15.9 $ 3,555.1

Accumulated Other Comprehensive Loss consists of the following components:

June 30, 2022 December 31, 2021

September 30, 2022 December 31, 2021

(In millions)

Foreign currency translation $ ( 591.8 ) $ ( 292.5 )

Unrecognized prior service cost related to our pension and other postretirement benefit plans, net of accumulated tax of $ 0.7 and $ 0.4 at June 30, 2022 and December 31, 2021, respectively

Unrecognized prior service cost related to our pension and other postretirement benefit plans, net of accumulated tax of $ 1.0 and $ 0.4 at September 30, 2022 and December 31, 2021, respectively

( 3.4 ) ( 1.9 )

Cash flow hedging transactions, net of accumulated tax of $ 0.6 at June 30, 2022 and December 31, 2021

Cash flow hedging transactions, net of accumulated tax of $ 0.6 at September 30, 2022 and December 31, 2021

( 1.0 ) ( 1.0 )

2 unchanged sentences

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

June 30, 2022

September 30, 2022

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

5 unchanged sentences

We also enable consumers to manage and protect their financial health through a portfolio of products offered directly to consumers.

As of June 30, 2022, we operated in the following countries:

As of September 30, 2022, we operated in the following countries:

Argentina, Australia, Canada, Chile, Costa Rica, Dominican Republic, Ecuador, El Salvador, Honduras, India, Ireland, Mexico, New Zealand, Paraguay, Peru, Portugal, Spain, the United Kingdom, or U.K., Uruguay and the United States of America, or U.S.

We also have investments in consumer and/or commercial credit information companies through joint ventures in Cambodia, Malaysia and Singapore and have an investment in a consumer and commercial credit information company in Brazil.

We have a joint venture in Russia that offers consumer credit services;

however, we determined as of March 31, 2022 to exit our ownership position, wrote the value of the investment to zero and expect no future economic benefit from the joint venture's operations going forward.

We previously had a joint venture in Russia that offered consumer credit services;

however, during the third quarter of 2022, we completed the sale of this equity method investment.

We develop, maintain and enhance secured proprietary information databases through the compilation of consumer specific data, including credit, income, employment, criminal history, asset, liquidity, net worth and spending activity, and business data, including credit and business demographics, that we obtain from a variety of sources, such as credit granting institutions, and income and tax information primarily from large to mid-sized companies in the U.S.

11 unchanged sentences

A reconciliation of the weighted-average outstanding shares used in the two calculations is as follows:

Three Months Ended June 30, Six Months Ended June 30,

Three Months Ended September 30, Nine Months Ended September 30,

2022 2021 2022 2021

4 unchanged sentences

Weighted-average shares outstanding (diluted) 123.3 123.7 123.3 123.5

For the three and six months ended June 30, 2022 and 2021, stock options that were anti-dilutive were no t material.

For the three and nine months ended September 30, 2022 and 2021, stock options that were anti-dilutive were no t material.

Financial Instruments.

2 unchanged sentences

The fair value of our fixed-rate debt is determined using Level 2 inputs such as quoted market prices for publicly traded instruments, and for non-publicly traded instruments, through valuation techniques depending on the specific characteristics of the debt instrument, taking into account credit risk.

As of June 30, 2022 and December 31, 2021, the fair value of our long-term debt, including the current portion, was $ 4.7 billion and $ 5.2 billion compared to its carrying value of $ 5.0 billion, respectively.

As of September 30, 2022 and December 31, 2021, the fair value of our long-term debt, including the current portion, was $ 5.3 billion and $ 5.2 billion compared to its carrying value of $ 5.8 billion and $ 5.0 billion, respectively.

Fair Value Measurements.

2 unchanged sentences

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis.

We completed multiple acquisitions during the six months ended June 30, 2022 and the year ended December 31, 2021.

We completed multiple acquisitions during the nine months ended September 30, 2022 and the year ended December 31, 2021.

The values of certain assets acquired were recorded at fair value using Level 3 inputs.

12 unchanged sentences

Increases to the allowance for doubtful accounts are recorded as bad debt expense, which are included in selling, general and administrative expenses on the accompanying Consolidated Statements of Income.

Below is a rollforward of our allowance for doubtful accounts for the three and six months ended June 30, 2022 and 2021, respectively.

Three Months Ended June 30, Six Months Ended June 30,

Below is a rollforward of our allowance for doubtful accounts for the three and nine months ended September 30, 2022 and 2021, respectively.

Three Months Ended September 30, Nine Months Ended September 30,

2022 2021 2022 2021

5 unchanged sentences

Other Current Assets.

Other current assets on our Consolidated Balance Sheets include amounts receivable from tax authorities.

Other current assets on our Consolidated Balance Sheets primarily include amounts receivable related to vendor rebates and from tax authorities.

Other current assets also include amounts in specifically designated accounts that hold the funds that are due to customers from our debt collection and recovery management services.

As of June 30, 2022, these assets were $ 26.8 million, with a corresponding balance in other current liabilities.

As of September 30, 2022, these assets were $ 24.9 million, with a corresponding balance in other current liabilities.

These amounts are restricted as to their current use and will be released according to the specific customer agreements.

3 unchanged sentences

We record our equity investment in Brazil within Other Assets at fair value, using observable Level 1 inputs.

The carrying value of the investment has been adjusted to $ 54.1 million as of June 30, 2022 based on quoted market prices, resulting in an unrealized loss of $ 34.2 million and $ 6.4 million for the three and six months ended June 30, 2022.

The carrying value of the investment was $ 117.9 million as of June 30, 2021, resulting in an unrealized loss of

$ 5.6 million and $ 17.5 million for the three and six months ended June 30, 2021.

We have a joint venture in Russia that offers consumer credit services;

however, we determined as of March 31, 2022 to exit our ownership position, expect no future economic benefit from the joint venture's operations going forward and recorded a $ 19.5 million loss to fully impair the investment.

The carrying value of the investment has been adjusted to $ 58.0 million as of September 30, 2022 based on

quoted market prices, resulting in an unrealized gain of $ 5.7 million and unrealized loss of $ 0.7 million for the three and nine months ended September 30, 2022.

The carrying value of the investment was $ 124.9 million as of September 30, 2021, resulting in an unrealized gain of $ 17.3 million and unrealized loss of $ 0.1 million for the three and nine months ended September 30, 2021.

We previously had a joint venture in Russia that offered consumer credit services;

however, during the third quarter of 2022, we completed the sale of this equity method investment.

All unrealized gains or losses on these investments were recorded in Other income, net within the Consolidated Statements of Income.

During the quarter ended June 30, 2022, we sold our interest in two equity investments.

The overall sale proceeds exceeded the total carrying value of the investments, and we have recorded a gain of $ 27.5 million in Other income, net within the Consolidated Statements of Income.

Other Current Liabilities.

1 unchanged sentence

Other current liabilities also include the offset to other current assets related to amounts in specifically designated accounts that hold the funds that are due to customers from our debt collection and recovery management services.

As of June 30, 2022, these funds were $ 26.8 million.

As of September 30, 2022, these funds were $ 24.9 million.

These amounts are restricted as to their current use and will be released according to the specific customer agreements.

Benefit Plans.

During the third quarter of 2022, we settled the liabilities under our Canadian Retirement Income Plan.

Recent Accounting Pronouncements.

1 unchanged sentence

2021-08 “Business Combinations (Topic 805):

Accounting for Contract Assets and Contract Liabilities from Contracts with Customers.” The update provides clarifying guidance to reduce diversity in practice stating that contract assets and contract liabilities acquired in business combinations should be measured in accordance with Accounting Standards Topic 606, rather than the fair value principles of Accounting Standards Topic 805.

Accounting for Contract Assets and Contract Liabilities from Contracts with Customers.” The update provides clarifying guidance to reduce diversity in practice stating that contract assets, contract liabilities and deferred revenue acquired in business combinations should be measured in accordance with Accounting Standards Topic 606, rather than the fair value principles of Accounting Standards Topic 805.

ASU 2021-08 is effective for all public business entities for annual periods beginning after December 15, 2022, although early adoption is permitted.

8 unchanged sentences

Based on the information that management reviews internally for evaluating operating segment performance and nature, amount, timing, and uncertainty of revenue and cash flows affected by economic factors, we disaggregate revenue as follows:

Three Months Ended June 30, Change Six Months Ended June 30, Change

Three Months Ended September 30, Change Nine Months Ended September 30, Change

Consolidated Operating Revenue 2022 2021 $ % 2022 2021 $ %

14 unchanged sentences

Remaining Performance Obligation – We have elected to disclose only the remaining performance obligations for those contracts with an expected duration of greater than one year and do not disclose the value of remaining performance obligations for contracts in which we recognize revenue at the amount to which we have the right to invoice.

We expect to recognize as revenue the following amounts related to our remaining performance obligations as of June 30, 2022, inclusive of foreign exchange impact:

We expect to recognize as revenue the following amounts related to our remaining performance obligations as of September 30, 2022, inclusive of foreign exchange impact:

Performance Obligation Amount

7 unchanged sentences

2022 Acquisitions and Investments.

In the first quarter of 2022, the Company acquired 100 % of Efficient Hire, a provider of cloud recruiting, onboarding and HR management solutions, within the Workforce Solutions operating segment, and Data Crédito, a consumer credit reporting agency in the Dominican Republic, within the International operating segment.

In the first quarter of 2022, the Company acquired 100 % of Efficient Hire, a provider of cloud recruiting, onboarding and human resources management solutions, within the Workforce Solutions operating segment, and Data Crédito, a consumer credit reporting agency in the Dominican Republic, within the International operating segment.

These acquisitions expand the Company's data assets and product offerings and broaden our geographic footprint.

The Company has accounted for these acquisitions in accordance with ASC 805, Business Combinations, which requires the assets acquired and the liabilities assumed to be measured at fair value at the date of the acquisition.

The purchase price allocations for the acquisitions are not yet finalized and open areas relate to measurement of income taxes and working capital.

Accordingly, adjustments may be made to the values of the assets and liabilities assumed as additional information is obtained about the facts and circumstances that existed at the valuation date.

In the third quarter of 2022, the Company acquired 100 % of LawLogix, a leading provider of cloud-based I-9 software and immigration case management software, within the Workforce Solutions operating segment, and Midigator, a provider of post-transaction fraud mitigation solutions, within the U.S.

Information Solutions ("USIS") business segment.

The Company will account for these acquisitions in accordance with ASC 805, Business Combinations, which requires the assets acquired and the liabilities assumed to be measured at fair value at the date of the acquisition.

The purchase price allocations for the LawLogix and Midigator acquisitions are not yet finalized and open areas relate to measurement of intangible assets, income taxes and working capital, as well as the assignment of goodwill recognized in the transactions.

For the acquisitions that occurred during the third quarter of 2022, management estimated the allocation of purchased intangible assets and goodwill based on the analysis of previous acquisitions within the Workforce Solutions and USIS operating segments.

Accordingly, adjustments may be made to the values of the assets acquired and liabilities assumed as additional information is obtained about the facts and circumstances that existed at the valuation date.

2021 Acquisitions and Investments.

In the first quarter of 2021, the Company acquired 100 % of Kount, a provider of fraud prevention and digital identity solutions, for $ 640 million within the U.S.

Information Solutions (“USIS”) business unit.

In the first quarter of 2021, the Company acquired 100 % of Kount, a provider of fraud prevention and digital identity solutions, for $ 640 million within the USIS business unit.

Additionally, in the first quarter of 2021, the Company acquired 100 % of HIREtech and i2Verify within the Workforce Solutions business unit, as well as a small acquisition and purchase of the remaining noncontrolling interest of a business within our International business unit.

In the third quarter of 2021, the Company acquired 100 % of Health e(fx) and Teletrack within the Workforce Solutions and USIS business units, respectively, as well as the purchase of the remaining noncontrolling interest of a business within our International business unit.

Additionally, the Company acquired 100 % of Appriss Insights on October 1, 2021, for cash consideration of approximately $ 1.825 billion, within the Workforce Solutions business unit.

GOODWILL AND INTANGIBLE ASSETS

2 unchanged sentences

We perform our annual goodwill impairment tests as of September 30.

Changes in the amount of goodwill for the six months ended June 30, 2022, are as follows:

Our annual goodwill impairment testing was completed during the third quarter of 2022.

The estimated fair value for all reporting units exceeded the carrying value for those units as of September 30, 2022.

As a result, no goodwill impairment was recorded.

Changes in the amount of goodwill for the nine months ended September 30, 2022, are as follows:

Workforce Solutions U.S.

4 unchanged sentences

Foreign currency translation ( 0.4 ) — ( 210.0 ) ( 210.4 )

Balance, June 30, 2022 $ 2,411.7 $ 1,899.9 $ 1,927.1 $ 6,238.7

Divestitures — — ( 24.6 ) ( 24.6 )

Balance, September 30, 2022 $ 2,511.4 $ 2,011.8 $ 1,781.1 $ 6,304.3

Indefinite-Lived Intangible Assets.

4 unchanged sentences

We perform our annual indefinite-lived intangible asset impairment test as of September 30.

Our indefinite-lived intangible asset carrying amounts did not change materially during the six months ended June 30, 2022.

Our indefinite-lived intangible asset carrying amounts did not change materially during the nine months ended September 30, 2022.

Purchased Intangible Assets.

Purchased intangible assets represent the estimated acquisition date fair value of acquired intangible assets used in our business.

Purchased data files represent the estimated acquisition date fair value of consumer information files acquired primarily through the purchase of independent credit reporting agencies in the U.S., Australia and Canada.

Purchased data files represent the estimated acquisition date fair value of consumer information files acquired primarily through various acquisitions primarily in the U.S., Australia and Canada.

We expense the cost of modifying and updating credit files in the period such costs are incurred.

We amortize all of our purchased intangible assets on a straight-line basis.

We amortize all of our purchased

intangible assets on a straight-line basis.

For additional information about the useful lives related to our purchased intangible assets, see Note 1 of the Notes to Consolidated Financial Statements in our 2021 Form 10-K.

Purchased intangible assets at June 30, 2022 and December 31, 2021 consisted of the following:

June 30, 2022 December 31, 2021

Purchased intangible assets at September 30, 2022 and December 31, 2021 consisted of the following:

September 30, 2022 December 31, 2021

Gross Accumulated

10 unchanged sentences

Total definite-lived intangible assets $ 2,901.7 $ ( 1,044.3 ) $ 1,857.4 $ 2,813.4 $ ( 915.4 ) $ 1,898.0

Amortization expense related to purchased intangible assets was $ 57.9 million and $ 40.1 million during the three months ended June 30, 2022 and 2021, respectively.

Amortization expense related to purchased intangible assets was $ 115.2 million and $ 79.5 million during the six months ended June 30, 2022 and 2021, respectively.

Estimated future amortization expense related to definite-lived purchased intangible assets at June 30, 2022 is as follows:

Amortization expense related to purchased intangible assets was $ 59.1 million and $ 40.1 million during the three months ended September 30, 2022 and 2021, respectively.

Amortization expense related to purchased intangible assets was $ 174.4 million and $ 119.6 million during the nine months ended September 30, 2022 and 2021, respectively.

Estimated future amortization expense related to definite-lived purchased intangible assets at September 30, 2022 is as follows:

Years ending December 31, Amount

1 unchanged sentence

Thereafter 918.2

Debt outstanding at June 30, 2022 and December 31, 2021 was as follows:

June 30, 2022 December 31, 2021

Debt outstanding at September 30, 2022 and December 31, 2021 was as follows:

September 30, 2022 December 31, 2021

(In millions)

6 unchanged sentences

Term loan, due August 2026 700.0 700.0

Notes, 5.10 %, due December 2027

Debentures, 6.9 %, due July 2028

9 unchanged sentences

5.1 % Senior Notes.

In September 2022, we issued $ 750.0 million aggregate principal amount of 5.1 % five -year Senior Notes due 2027 (the "2027 Notes") in an underwritten public offering.

Interest on the 2027 Notes accrues at a rate of 5.1 % per year and is payable semi-annually in arrears on June 15 and December 15 of each year.

The net proceeds of the sale of the 2027 Notes were ultimately used to repay, in October 2022, our then-outstanding $ 500.0 million 3.30 % Senior Notes due December 2022.

The remaining proceeds were used for general corporate purposes, including the repayment of borrowings under our commercial paper program.

We must comply with various non-financial covenants, including certain limitations on mortgages, liens and sale-leaseback transactions, as well as mergers and sales of substantially all of our assets.

The 2027 Notes are unsecured and rank equally with all of our other unsecured and unsubordinated indebtedness.

2.35 % Senior Notes .

In August 2021, we issued $ 1.0 billion aggregate principal amount of 2.35 % ten-year Senior Notes due 2031 (the “2031 Notes”) in an underwritten public offering.

8 unchanged sentences

The Revolver includes an option to request a maximum of three one-year extensions of the maturity date, any time after the first anniversary of the closing date of the Revolver.

Availability of the Revolver is reduced by the outstanding principal balance of our commercial

paper notes and by any letters of credit issued under the Revolver.

As of June 30, 2022, there were $ 711.0 million of outstanding commercial paper notes, $ 0.4 million of letters of credit outstanding, no outstanding borrowings under the Revolver and $ 700.0 million outstanding under the Term Loan.

Availability under the Revolver was $ 788.6 million at June 30, 2022.

Availability of the Revolver is reduced by the outstanding principal balance of our commercial paper notes and by any letters of credit issued under the Revolver.

As of September 30, 2022, there were $ 162.4 million of outstanding commercial paper notes, $ 0.4 million of letters of credit outstanding, no outstanding borrowings under the Revolver and $ 700.0 million outstanding under the Term Loan.

Availability under the Revolver was $ 1,337.2 million at September 30, 2022.

Commercial Paper Program.

3 unchanged sentences

Because the CP is backstopped by our Revolver, the amount of CP which may be issued under the program is reduced by the outstanding face amount of any letters of credit issued and by the outstanding borrowings under our Revolver.

At June 30, 2022, there were $ 711.0 million of outstanding CP notes.

At September 30, 2022, there were $ 162.4 million of outstanding CP notes.

For additional information about our debt agreements, see Note 5 of the Notes to Consolidated Financial Statements in our 2021 Form 10-K.

33 unchanged sentences

Each of the proposed Canadian class actions asserts a number of common law and statutory claims seeking monetary damages and other related relief in connection with the 2017 cybersecurity incident.

In addition to seeking class certification on behalf of Canadian consumers whose personal information was allegedly impacted by the 2017 cybersecurity incident, in some cases, plaintiffs also seek class certification on behalf of a larger group of Canadian consumers who had contracts for subscription products with Equifax around the time of the incident or earlier and were not impacted by the incident.

In addition to seeking class certification on behalf of Canadian

consumers whose personal information was allegedly impacted by the 2017 cybersecurity incident, in some cases, plaintiffs also seek class certification on behalf of a larger group of Canadian consumers who had contracts for subscription products with Equifax around the time of the incident or earlier and were not impacted by the incident.

On December 13, 2019, the court in Ontario granted certification of a nationwide class that includes all impacted Canadians as well as Canadians who had subscription products with Equifax between March 7, 2017 and July 30, 2017 who were not impacted by the incident.

19 unchanged sentences

We may issue standby letters of credit and performance and surety bonds in the normal course of business.

The aggregate notional amounts of all performance and surety bonds and standby letters of credit was not material at June 30, 2022 and generally have a remaining maturity of one year or less.

The aggregate notional amounts of all performance and surety bonds and standby letters of credit was not material at September 30, 2022 and generally have a remaining maturity of one year or less.

We may issue other guarantees in the ordinary course of business.

The maximum potential future payments we could be required to make under the guarantees in the ordinary course of business was not material at June 30, 2022.

The maximum potential future payments we could be required to make under the guarantees in the ordinary course of business was not material at September 30, 2022.

We have agreed to guarantee the liabilities and performance obligations (some of which have limitations) of a certain debt collections and recovery management subsidiary under its commercial agreements.

15 unchanged sentences

Effective Tax Rate

Our effective income tax rate was 23.9 % for the three months ended June 30, 2022, compared to 22.1 % for the three months ended June 30, 2021.

Our effective income tax rate was 25.4 % for the six months ended June 30, 2022, compared to 23.2 % for the six months ended June 30, 2021.

Our effective tax rate was higher for the second quarter and first six months of 2022 as compared to 2021 due to a greater foreign income tax rate differential.

The increase in the foreign rate differential was primarily driven by the adjustment to fully impair our investment in Russia.

Our effective income tax rate was 24.0 % for the three months ended September 30, 2022, compared to 22.1 % for the three months ended September 30, 2021.

Our effective income tax rate was 25.0 % for the nine months ended September 30, 2022, compared to 22.9 % for the nine months ended September 30, 2021.

Our effective tax rate was higher for the third quarter and first nine months of 2022 as compared to 2021 due to a greater foreign income tax rate differential.

The increase in the foreign rate differential was primarily driven by higher taxes on foreign earnings.

Inflation Reduction Act

On August 16, 2022, President Biden signed the Inflation Reduction Act ("IRA") into law, which included enactment of a 15% corporate minimum tax effective in 2023.

We currently do not expect the corporate minimum tax to have a material impact on our financial results.

ACCUMULATED OTHER COMPREHENSIVE LOSS

Changes in accumulated other comprehensive loss by component, after tax, for the six months ended June 30, 2022, are as follows:

Changes in accumulated other comprehensive loss by component, after tax, for the nine months ended September 30, 2022, are as follows:

currency Pension and other

7 unchanged sentences

Net current-period other comprehensive income (loss) ( 299.3 ) ( 1.5 ) — ( 300.8 )

Balance, June 30, 2022 $ ( 410.7 ) $ ( 2.7 ) $ ( 1.0 ) $ ( 414.4 )

Changes in accumulated other comprehensive loss related to noncontrolling interests were not material as of June 30, 2022.

Balance, September 30, 2022 $ ( 591.8 ) $ ( 3.4 ) $ ( 1.0 ) $ ( 596.2 )

Changes in accumulated other comprehensive loss related to noncontrolling interests were not material as of September 30, 2022.

RESTRUCTURING CHARGES

1 unchanged sentence

This charge was recorded to general corporate expense and resulted from our continuing efforts to realign our internal resources to support the Company’s strategic objectives and primarily relate to a reduction in headcount.

As of June 30, 2022, $ 4.9 million of the fourth quarter 2021 restructuring charge has been paid, with the remaining future payments expected to be completed later in 2022.

As of September 30, 2022, $ 6.4 million of the fourth quarter 2021 restructuring charge has been paid, with the remaining future payments expected to be completed later in 2022.

SEGMENT INFORMATION

22 unchanged sentences

In Europe and Canada we also provide credit monitoring products to resellers or directly to consumers.

Operating revenue and operating income by operating segment during the three and six months ended June 30, 2022 and 2021 are as follows:

Three Months Ended Six Months Ended

(In millions) June 30, June 30,

Operating revenue and operating income by operating segment during the three and nine months ended September 30, 2022 and 2021 are as follows:

Three Months Ended Nine Months Ended

(In millions) September 30, September 30,

Operating revenue:

4 unchanged sentences

Total operating revenue $ 1,244.3 $ 1,222.9 $ 3,924.3 $ 3,670.7

Three Months Ended Six Months Ended

(In millions) June 30, June 30,

Three Months Ended Nine Months Ended

(In millions) September 30, September 30,

Operating income:

5 unchanged sentences

Total operating income $ 242.9 $ 273.2 $ 880.0 $ 885.8

Total assets by operating segment at June 30, 2022 and December 31, 2021 are as follows:

June 30, December 31,

Total assets by operating segment at September 30, 2022 and December 31, 2021 are as follows:

September 30, December 31,

(In millions) 2022 2021

6 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements